SAT gives Sebi 3 weeks to reply to Jane Street plea

THE SECURITIES APPELLATE Tribunal (SAT) admitted Jane Street's appeal against the Securities and Exchange Board of India's (Sebi) interim order on Tuesday and directed the latter to file a reply in three weeks explaining why it has not shared the documents requested by the US market maker.

- NESIL STANEY

Sebi counsel Gaurav Joshi said that it had already supplied 10 GB of data to Jane Street, adding that the investigation is ongoing, and its scope may be much wider.

"The period may be significantly larger. The scope of the show cause notice may enlarge significantly more than what is pointed out in the interim order," said Joshi.

The markets regulator said that Jane Street is seeking a "very large list" of documents. He argued that, as per the settled law, Sebi is not required to give more than what it has relied upon.